Zoetis Inc. (0M3Q.L)

Industry: Medical - Pharmaceuticals Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
WBA	1	Walgreens Boots Al	154,580	-	-	-	-	179.24	-
ESRX	2	Express Scripts Ho	101,353	10.92	8.98	8.82	8.49	10.88	11.21
NOVC.DE	3	Novo Nordisk A/S	42,536	32.04	26.79	22.25	18.71	22.36	21.64
RAD	4	Rite Aid Corporati	23,475	-	-	-	-	-	-
600998.SS	5	Jointown Pharmaceu	22,383	8.78	8.82	13.60	14.00	14.62	12.56
0SAN.L	6	Sandoz Group AG	20,756	76.13	76.13	21.22	21.22	11.56	14.46
0M3Q.L	7	Zoetis Inc.	9,397	24.45	22.27	15.53	14.33	16.81	16.27
3141.T	8	Welcia Holdings Co	8,445	29.12	30.75	9.73	9.69	17.16	13.95
RADL3.SA	9	Raia Drogasil S.A.	7,650	23.54	18.57	11.43	10.02	13.15	12.13
3391.T	10	Tsuruha Holdings I	7,260	19.33	19.32	7.37	7.21	7.65	9.44
FRAGUAB.MX	11	Corporativo Fragua	6,991	11.32	9.24	5.54	4.54	6.62	5.60
3088.T	12	MatsukiyoCocokara	6,970	21.26	17.77	9.94	8.23	13.16	10.64
3349.T	13	COSMOS Pharmaceuti	6,565	22.53	21.38	10.65	10.00	14.82	16.35
002758.SZ	14	ZJAMP Group Co., L	6,292	10.35	5.66	6.61	4.17	9.03	3.42
7649.T	15	Sugi Holdings Co.,	6,195	16.35	14.53	9.65	8.70	11.97	12.41
0Y5E.L	16	Perrigo Company pl	5,028	-	-	4.21	4.21	8.87	8.80

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	17.84	16.15	9.65	8.49	11.77	11.21
Full Range Median Multiple	20.29	18.17	9.73	8.70	12.56	12.13
Industry Multiple	23.47	21.50	10.85	9.94	24.36	11.74
Market Implied Multiple	20.89	19.03	13.20	12.18	14.29	13.83
Company (0M3Q.L) Multiple	24.45	22.27	15.53	14.33	16.81	16.27
(*) Net Income / EBITDA / Revenue	2,651	2,910	4,051	4,392	3,744	3,869
Winsorized Enterprise Value	N/A	N/A	39,081	37,276	44,060	43,366
Full Range Median Enterprise Value	N/A	N/A	39,400	38,199	47,033	46,908
(-) Net Debt	-1,880	-1,880	-1,880	-1,880	-1,880	-1,880
Winsorized Equity Value	47,294	46,998	40,961	39,156	45,940	45,246
Full Range Median Equity Value	53,800	52,871	41,280	40,079	48,913	48,788
(/) Shares Outstanding	443	443	443	443	443	443
Winsorized Fair Value	$106.78	$106.11	$92.48	$88.41	$103.73	$102.16
Full Range Median Fair Value	$121.47	$119.37	$93.20	$90.49	$110.44	$110.16
Current Price	$125.02	$125.02	$125.02	$125.02	$125.02	$125.02
Upside / Downside	-14.59%	-15.12%	-26.03%	-29.28%	-17.03%	-18.29%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$74.75	$74.28	$64.74	$61.89	$72.61	$71.51
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy